Stanley Fischer has resigned from his position on the board of directors of Bank Hapoalim Ltd. after eight months at the post, the Israeli lender said in a filing with the Tel Aviv Stock Exchange.
Fischer, who previously served as the Governor of the Bank of Israel and is a former vice chairman of the US Federal Reserve, was appointed to the Hapoalim board in October 2020.
The filing said that Fischer, 77, is resigning for personal reasons. A person familiar with his plans said he is leaving to spend more time with his family in the United States.
Hapoalim, one of Israel’s two largest banks, said in October that it had elected Fischer to a three-year term on its board of directors. Fischer said at the time that he’d use his new post on the board to help the lender grow, as it dealt with the economic crisis stemming from the COVID-19 pandemic.
“I intend to study the bank and its activities in depth, as well as the competitive and regulatory environment, so that I can contribute from my experience to the bank and its growth,” Fischer said in a statement at the time.
The economist who headed the Bank of Israel from 2005-2013, and navigated the nation through the 2008 financial crisis, resigned from his position as Bank of Israel governor in June 2013, two years before the end of his second term.
Fischer served as vice chairman of the US Federal Reserve’s Board of Governors from 2014 to 2017.